Bourses trade at day’s high points in late afternoon session

Indian equity markets traded at day’s high points in the late afternoon session, following gains in Consumer Durables, Telecom and Auto stocks amid positive global sentiment. Traders remained optimistic after preliminary data of the commerce ministry has showed that India's exports grew by 28.51 per cent to $8.67 billion during February 1-7 on account of healthy growth in sectors such as petroleum, engineering and gems and jewellery. The exports during the first week of this month rose by about 31 per cent. Sector wise, fertiliser sector remained in focus with stating that there is a ‘comfortable’ supply of DAP fertiliser for the ongoing rabi season, Fertiliser Minister Mansukh Mandaviya has said that the Centre however has asked companies to manufacture additional quantity of DAP at no-profit-no- loss basis to meet the requirement.  DAP (Di ammonium Phosphate) is the most widely consumed fertiliser after urea in the country.

On the global front, all Asian markets were trading higher following a positive performance on Wall Street as traders prepared for the release of highly anticipated US inflation data, while sentiment was also buoyed by signs of easing Russia-Ukraine tensions. European markets were trading higher buoyed by a slew of strong fourth-quarter trading updates and gains in global markets, although worries over a hawkish pivot by major central banks kept gains in check.

The BSE Sensex is currently trading at 58424.65, up by 616.07 points or 1.07% after trading in a range of 58105.18 and 58427.10. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.17%, while Small cap index was up by 0.46%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.69%, Auto up by 1.69%, Telecom up by 1.33%, Bankex up by 1.27% and TECK was up by 1.25%, while Oil & Gas down by 0.20% were the only losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 3.41%, Maruti Suzuki up by 3.13%, HDFC Bank up by 2.39%, Bajaj Finserv up by 2.35% and Bharti Airtel up by 2.16%. On the flip side, ITC down by 0.32%, Power Grid down by 0.26%, Tata Steel down by 0.17% and Sun Pharma down by 0.04% were only losers.

Meanwhile, stating that there is a ‘comfortable’ supply of DAP fertiliser for the ongoing rabi season, Fertiliser Minister Mansukh Mandaviya has said that the Centre however has asked companies to manufacture additional quantity of DAP at no-profit-no- loss basis to meet the requirement.  DAP (Di ammonium Phosphate) is the most widely consumed fertiliser after urea in the country. Domestic production of DAP reached 34.35 lakh tonne and imports were at 42.56 lakh tonne till January of the ongoing fiscal year.

Mandaviya said there is no ‘acute shortage’ of DAP in the country. However, he said in between the season, some states had highlighted the shortfall of DAP particularly in a few districts. Accordingly, based on state governments requests, the Centre has moved the DAP rakes to meet their requirement. But, he said the overall availability of DAP fertiliser in the country is comfortable during the ongoing rabi (winter) season of 2021-22(crop year July-June).

Highlighting steps taken to boost DAP supply, the minister said over and above the ongoing production of DAP, the ministry has instructed the companies to manufacture additional DAP by using the NPK stream on a no-profit-no-loss basis so that the demand of the farming community is adequately met. He also said said the ministry has put in place a roadmap to ensure regular and sufficient supply of raw materials and finished fertiliser from various countries under a long-term agreement.

The CNX Nifty is currently trading at 17453.40, up by 186.65 points or 1.08% after trading in a range of 17339.00 and 17457.45. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Coal India up by 4.88%, Indusind Bank up by 3.30%, Maruti Suzuki up by 3.28%, Bajaj Auto up by 2.78% and Shree Cement up by 2.59%. On the flip side, ONGC down by 1.98%, SBI Life down by 0.58%, ITC down by 0.41%, Indian Oil down by 0.37% and Power Grid down by 0.26% were the top losers.

All Asian markets were trading higher, Hang Seng increased 500.50 points or 2.06% to 24,829.99, Nikkei 225 surged 295.35 points or 1.08% to 27,579.87, Taiwan Weighted strengthened 185.20 points or 1.03% to 18,151.76, Jakarta Composite soared 45.09 points or 0.66% to 6,834.61, Shanghai Composite gained 27.32 points or 0.79% to 3,479.95, KOSPI rose 22.38 points or 0.81% to 2,768.85 and Straits Times was up by 12.18 points or 0.36% to 3,413.92.

European markets were trading higher, UK’s FTSE 100 increased 40.22 points or 0.53% to 7,607.29, France’s CAC increased 91.91 points or 1.31% to 7,120.32 and Germany’s DAX was up by 167.94 points or 1.1% to 15,410.32.